In today’s crypto market, Shiba Inu appears to be making waves due to a spike in the price of SHIB coin (up to 300% increase) in the past week.
However, the Shiba Inu ecosystem does not only house the SHIB coin as there are two other coins: BONE and LEASH.
SHIB, BONE, and LEASH are the three major tokens of the Shiba Inu ecosystem, with unique functions and features.
LEASH was originally created as a rebase coin with its price intended to be connected to Dogecoin but it was later launched as a simple ECR-20 token.
It is branded as the “Doge Killer”, and represents the last part of the Shiba ecosystem with only 107,646 tokens.
BONE serves as a governance token which means its holders can vote and participate in important decisions concerning the ShibaSwap platform.
BONE has a total of 2.5bn tokens and it sits perfectly between SHIB and LEASH in that regard.
Because all of the coins are in the same integrated ecosystem, the change in price of SHIB will most directly have an effect on the other two coins.
Little wonder the social media hype around SHIB is having an effect on BONE and LEASH as BONE is up by 48.2% with its price yet to fall in a 24h period since the Elon Musk tweet, while LEASH (Doge Killer) is also up by 234.5% in the past weeks.
Asides the ShibaSwap launch in July and SHIB coin’s listing on Coinbase, Elon Musk was also instrumental to the massive growth of Shiba Inu because he had tweeted a picture of his Shiba Inu puppy.
The Shiba Inu ecosystem has significantly progressed in the second quarter of 2021, thereby resulting in the enormous growth of SHIB, BONE, and LEASH.
The social media frenzy which LEASH has been experiencing is another factor that has contributed to LEASH’s price hike. For example, the price of the LEASH coin saw an increase due to the Shiba Inu frenzy and internet memes around DogeCoin and the Doge Killer.
LEASH burns $25000 whenever it is newly listed and its supply is only limited to 107,647. This means $25000 worth of LEASH is burnt at every new listing on ShibaSwap.
The ShibSwap platform plans to launch 10k Shiboshi NFTs soon especially for LEASH because the Doge Killer is the only instrument that can be used to buy these new NFTs. This launch might increase the trade volume of LEASH and the other tokens in the Shiba Inu ecosystem.
Hype aside, LEASH is a good choice because it has an efficient model to support long-term returns. So, if you’re looking to diversify your portfolio with more altcoin investments, we definitely think you should go for it.
However, the crypto market is volatile. We advise you do extensive research before investing.
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